Happy New Year to everyone. I feel pretty good about the fact that I get to begin 2009 with an upbeat piece. What I am referring to is an item in the news that I am hoping is an early indicator as to the coming rebound of the financial system. I know I may still just be trying to be the eternal optimist, but I have to think that the following story is a good sign.

What I am referring to is, the report that IndyMac Bank is being sold to a group of private investors consisting mainly of private equity firms (i.e., hedge funds) as the bank is emerging from FDIC control.

IndyMac was the largest bank to fail in this current credit crisis and the third largest ever since the government began insuring deposits in 1934, according to the LA Times article cited. IndyMac was also one of the pioneers of the “exotic home loans,” that have been largely blamed for the current credit crisis; the no income documentation, variable interest rate loans, and Alt-A products.

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I had a feeling today that something was up when I noticed a search result that lead to my blog “IndyMac Layoffs July 2008″. It is always interesting to see how people get to my blog and sometimes very insightful. I made that same search and found nothing, but had a hunch something was up. Then I came across BlownMortgage post and links to the IndyMac blog with the announcement.

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New hit the wire yesterday afternoon that 1800+ IndyMac employees will be packing up their belongings and will add to the growing unemployeed line.

A second layoff is expected in the next month or two that will add another 500-1000 to that same list. Despit the layoffs the CEO Michael Perry states:

Speculation about IndyMac’s future has increased since last week’s agreement by Bank of America Corp. to acquire Countrywide Financial Corp. for about $4 billion.

“We feel like we have the capital and liquidity to survive …

The company expects around $136 million in annual staffing costs savings in the future as well as savings from real estate it will be vacating.

IndyMac shares fell 27 cents to $4.49 at the closing bell.

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